While this work is going on, Dhunna said the company will look at designs and reach out to potential commercial tenants.The company aims to start building the tower in mid- to late 2019."We don't have a strong record in Edmonton of saving buildings," Mc Keen said.
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With LRT construction starting along that section of 102nd Avenue, Regency learned it would have to demolish the building now or wait three years.
"We had quite a bit of interest, but we had to make a decision to go one way or the other, really fast," Dhunna said.
With the bank's operations slated to move at the end of 2017, Raj Dhunna, Regency's chief operating officer, said the company was looking for new tenants.
"We really had no plans to actually demo it when we first purchased it," Dhunna told CBC News.
Built in 1984, the building had no historic designation but was still unique for the city, he argued. "You might love it or hate it but it's that kind of design that makes it stand out." Mc Keen said the situation is a example of the city's past struggles to preserve historic buildings.
Despite several years of debate, the historic Tegler building, dating to 1911, was demolished in 1982 to make way for the Bank of Montreal building.
"So to bring density and height and shaping that corner, a lot of people are really excited." Ian O'Donnell, executive director of the Downtown Business Association, approves of the demolition and Regency's plans for the land.
"It is a very prominent site," O'Donnell told CBC News.
The city approved demolition and hoarding permits in late December.
Plans for the site are far from finalized but Regency has a vision of what will replace the old building.
Given the appeal of the site, O'Donnell believes there will be a lot of interest from potential tenants.